Swimming Australia (SA) announced chief executive Kevin Neil's resignation on Thursday in the wake of the national team's disappointing and controversial London Olympic campaign.
Newly-elected SA president Barclay Nettlefold said Neil's exit was a "mutually agreed departure" but it's understood he was informed on Friday he would be stood down from the role.
Neil's exit comes four days before he was due to front the review into the London Games campaign but it's expected he'll still take part in the review.
SA board member Jeremy Turner will serve as interim chief executive and it's likely Neil's successor will be appointed after the review.
"We will now examine what primary areas of expertise the new CEO is required to have to meet the immediate and long-term vision of the sport," Nettlefold said in a statement.
Nettlefold said Turner is not seeking a full-time appointment.
Former Canberra Raiders NRL club boss Neil was appointed to SA's board of directors in February 2008 then, later in the year, took over from Glenn Tasker, who resigned after six years as chief executive.
"I have witnessed great changes and seen how swimming continues to be Australia's premier Olympic and Commonwealth Games sport. I am proud to have played a role in this development and the enhancement of the sport's revenue base," Neil said in a statement.
"Following the below-expected results at the London Olympic Games, swimming is now undertaking various reviews to set the new course for the future and it is therefore appropriate to step aside to allow the sport to progress to its next exciting phase."
Australia's London Games team failed to produce an individual gold medal for the first time since the 1976 Olympics despite high expectation for the likes of world 100m freestyle champion James Magnussen.
That disappointment came after Australia won six swimming gold medals in Beijing 2008 and seven in Athens 2004.
While the initial focus was on issues of funding and training, SA called an independent review and the team's attitude was called into question as allegations of bullying and aggressive behaviour were made public.
Tommaso D'Orsogna, a member of the Australian men's 4x100m freestyle relay squad, revealed in September he and teammates had behaved like "schoolboys" in camp before the Games.
D'Orsogna also claimed some squad members were "putting themselves up higher than the rest of the team".
Veteran Leisel Jones, who retired last week, said she had confronted teammates who were "bullying" a young teammate at the London Olympics.
Despite the drama engulfing the sport, Nettlefold was full of praise for Neil's impact on SA.
"Under Kevin's leadership, Swimming Australia increased its revenue by 40 per cent and instigated several new developments," Nettlefold said.
"Kevin was also instrumental in negotiating a new broadcast deal with Network Ten, the implementation of a range of important initiatives targeted at growing the sport at a community level, and the development of an aquatic facilities strategy."